XML 16 R6.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 75,430 $ 87,954
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of assets and other (198) (50)
Depreciation and amortization 19,189 17,746
Noncash lease expense 3,865 2,946
Release of acquisition related tax contingency (1,363) 0
Loss in equity method investment, before tax 30 136
Deferred income taxes (881) 0
Noncash compensation related to stock plans 5,346 4,629
Provision (recovery) for doubtful accounts (416) 635
Deferred hedge gain (752) (896)
Changes in operating assets and liabilities    
Trade accounts receivable (61,254) (69,990)
Inventories (9,055) (16,931)
Trade accounts payable 399 (3,418)
Other current assets (12,758) (3,137)
Accrued liabilities and other current liabilities (2,654) (13,238)
Other noncurrent assets and liabilities (6,990) (3,428)
Net cash provided by operating activities 7,938 2,958
Cash flows from investing activities    
Capital expenditures (39,412) (18,758)
Acquisitions, net of cash (see Note 3) 0 (8,329)
Purchases of equity investments (101) 0
Proceeds from sale of property and equipment 142 44
Net cash used in investing activities (39,371) (27,043)
Cash flows from financing activities    
Proceeds from line of credit 1,262 271
Repayments of lines of credit (7,088) (5,625)
Dividends paid (11,430) (11,065)
Cash paid on behalf of employees for shares withheld (7,544) (7,398)
Net cash used in financing activities (24,800) (23,817)
Effect of exchange rate changes on cash and cash equivalents (4,467) (299)
Net decrease in cash and cash equivalents (60,700) (48,201)
Cash and cash equivalents at beginning of period 429,822 300,742
Cash and cash equivalents at end of period 369,122 252,541
Noncash activity during the period    
Noncash capital expenditures 7,532 2,657
Dividends declared but not paid $ 11,459 $ 10,991